Posts Tagged ‘Guanajuato’

We bought Great Panther in September 2009 @ CA$0.84 using today’s close of CA$1.95 this means a 132% gain. Recently we sold 50% of our shares @ CA$2.75 (a 227% gain) because of our unique strategy. We still think Great Panther has a lot of upward potential, and with more development en exploration on the way, this company is a real pearl! We keep Great Panther at a BUY advise.

Great Panther News Release:

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to announce the discovery of deeper mineralized silver-gold zones at the Guanajuatito Mine at the northwest end of the Guanajuato Mine Complex. The deep drilling program is being conducted at 25-50 metre intervals from several drill stations on the Guanajuatito Mine cross-cut, located on the 100 metre level. The drilling program has been successful in extending silver-gold mineralization below the current level of mining on the 80 metre level, down to the 245 metre level. The new mineralization has been defined over a strike length of approximately 100 metres and for an additional 150 metres vertically. Highlights from 21 drill holes completed in 2010 plus several earlier drill holes in the deeper (below the 80 metre level) portions of Guanajuatito are listed below. A more complete listing of results and a longitudinal section showing the drill holes have been added to the Company website.

Using information from mining the upper levels and the new drilling, two mineralized zones are interpreted from the data – the Veta Madre zone, and a slightly deeper Footwall zone. Typically, the mineralized portion of the zones pinches and swells with true widths varying from less than one metre to 4.6 metres. Typifying the above observations are Veta Madre intersections for UGG10-008 that intersected 8.52g/t gold and 1,300g/t silver over a true width of 0.61 metres, and UGG10-009 that intersected 0.87g/t gold and 241g/t silver over a true width of 3.59 metres. The best and deepest (245 level) Footwall zone intersection returned 2.77g/t gold and 839g/t silver over a true width of 1.72 metres in UGG10-021.

Drilling is being conducted from drill stations in a hanging wall cross-cut on the 100 metre level. Modeling of the structures is presently being completed and ramp access has intersected the Veta Madre on the 120 metre level. Future plans call for a hanging wall exploration drive sublevel to be driven both northwest and southeast to accommodate additional drill stations at 50 metre intervals to test the mineralized zones in the Guanajuatito Mine area from the 100 metre level down to the 390 metre level (approximately 400 metres down dip), and along 500 metres of strike.

Andrew Sharp, Guanajuato Mine Manager stated, “Ore development on the 120 level is underway and the provision of ventilation for the first ore level is a priority. Once this commences, ramp development to subsequent stope levels for future production will re-commence. Given the good exploration results to date, further exploration potential along strike and the advancing ramp depth, additional capital has been committed in the form of a deeper electrical distribution network.”

The Guanajuatito Mine was the first area at Guanajuato to be drilled by Great Panther in 2005 and one of the first to commence mining. While the upper levels (from the +20 metre level down to the 80 metre level) were drilled from surface, and subsequently mined out (76,668 tonnes at 254g/t Ag and 1.69g/t Au, for 876,000 Ag eq oz using a 60:1 silver:gold ratio), this zone was never included in any NI 43-101 compliant resource. The new drilling on the deeper levels will, however, be brought into the Company’s next resource update later this year.

Highlights of Deep Guanajuatito Drill Holes

Hole Number

From (m)

To (m)

Width (m)

True Width (m)

Au (g/t)

Ag (g/t)

Zone

UG09-084P

1.8

7.9

5.8

4.1

2.36

429

VM

UG09-080

29.0

31.7

2.7

1.74

1.01

175

VM

SG08-070

247.5

249.24

1.74

1.22

0.46

100

VM

UGG10-001

28.5

30.4

1.9

1.8

1.28

115

VM

UGG10-002

32.5

35.05

2.55

2.4

1.87

455

FW

UGG10-003

45.25

49.6

4.35

2.8

0.46

307

FW

UGG10-005

109.15

111.65

2.5

2.17

1.22

194

FW

UGG10-006

88

90.5

2.5

2.49

0.44

140

FW

UGG10-008

102.95

103.65

0.7

0.61

8.52

1300

VM

UGG10-009

147.95

151.55

3.6

3.59

0.87

241

VM

UGG10-009

154.3

156.15

1.85

1.84

1.72

377

FW

UGG10-012

41.5

42.05

0.55

0.55

2.51

558

VM

UGG10-017

87.8

91.4

3.6

3.58

1.03

194

VM

UGG10-019

146.7

151.3

4.6

4.44

1.17

274

VM

UGG10-021

168.2

170.1

1.9

1.72

2.27

839

FW

VM: Veta Madre zone; FW: Footwall zone.

Robert F. Brown, P. Eng. and Vice President of Exploration for the Company is the Qualified Person for the Guanajuato Mine, under the meaning of NI 43-101. A full QA/QC program is being followed including the regular insertion of splits, blanks, and standards into the core sampling sequence. Analysis of the drill core samples will be conducted at the Guanajuato Mine on-site laboratory, independently operated by SGS.

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, “forward-looking statements”). Such forward-looking statements may include but are not limited to the Company’s plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company’s operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2009 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Great Panther continues to bring wonderful drilling results from its Guanajuato Project. The San Ignacio Property is located just 5 kilometres from the main Guanajuato Mine, this is a huge benefit and will prove to be so even more in the future when ore from this property can be processed at the main mine complex. We bought shares of Great Panther in September 2009 @ CA$0.72 using today’s closing of CA$2.47 this means a 243% gain!

Great Panther News Release:

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to announce that the second section of diamond drill holes at the San Ignacio Mine Property, Guanajuato has intersected numerous zones of silver-gold mineralization, some of which appear to correlate well with the first two holes and others that appear to be new zones. Two holes, ESI10-03 and 04, were drilled easterly at angles of -40° and -60° from a drill setup approximately 45 metres north of holes ESI10-01 and 02 (see news releases dated October 28th & November 15th 2010).

Hole ESI10-03 intersected 15 silver-gold mineralized zones, including the Melladito zone, which returned 212g/t silver and 1.99g/t gold over 4.3 metres, the Nombre de Dios zone with 850g/t silver and 3.75g/t gold over 3.1 metres, and a footwall stockwork zone with 680g/t silver and 1.94g/t gold over 3.85 metres. The fourth hole, ESI10-04, was drilled under ESI10-03 and intersected five silver-gold mineralized zones, including the Melladito zone with 240g/t silver and 0.8g/t gold over 5.8 metres, the Nombre de Dios zone with 2,020g/t silver and 7.80g/t gold over 0.9 metres, and a footwall stockwork zone with 660g/t silver and 1.73g/t gold over 3.25 metres, including 0.80 metres assaying 2,380g/t silver and 6.57g/t gold.

Both ESI10-03 and 04 were longer holes, and as such drilled deeper and further east, than ESI10-01 and 02. New and more easterly footwall stockwork zones were intersected in ESI10-03 and 04, the interpretation of which is still tentative, but the Company is pleased that previously unknown silver-gold mineralized zones are being intersected as the drilling is extended eastward. Highlights of holes ESI10-03 and 04 are presented in the tables below, while a plan map showing the location of Great Panther’s San Ignacio drill-holes, and an interpretative cross section, are posted on the Company web-site under the Guanajuato Mine Complex section.

The deepest stockwork intersection in ESI10-04 (3.25 metres of 660g/t silver and 1.73g/t gold) is at a vertical depth below surface of approximately 420 metres. This may correlate with the zone of similar grades and width at the bottom of hole ESI10-03 (3.85 metres of 680g/t silver and 1.94g/t gold) and represents a significant vertical interval of high grade silver-gold mineralization, down to 1,980 metres above sea level (“masl”). Typically in the La Luz vein camp, the bottoms of the mineralized zones are at 2,100 — 2,150 masl. Interpretation of the various structures is ongoing and as down-dip infill drilling commences a better understanding will emerge.

In light of the success of the 2010 drilling at San Ignacio, Great Panther’s Board of Directors has approved a new 2011 budget of $2.8 million for the exploration and development of the San Ignacio property. As soon as the appropriate permits are in place, an expanded drilling program will commence. Potential sites to establish a portal for an underground ramp are also being evaluated. Due to the proximity of the San Ignacio Property to the Company’s main Guanajuato operation, any mineralization intersected in the course of underground exploration and development can be trucked to the plant for processing. In this way, cash flow provided by the additional tonnage can be used to offset the cost of the exploration and development program.

The San Ignacio Mine property covers approximately 4 kilometres of strike length on the La Luz vein system, which is parallel to, and 5 kilometres west of, the principal Veta Madre structure that hosts the main Guanajuato mines (see map on website at http://www.greatpanther.com/i/pdf/GTO-SanIgnacio-LocationMap.pdf). The La Luz district marks the site of the first discovery of silver in the area, in the year 1548, which led to the discovery of the Veta Madre silver-gold deposits in 1550. It comprises a swarm of generally north-northwest striking, vertical to west dipping quartz veins and breccias with associated low sulphidation silver-gold mineralization, along an approximate 8 kilometre long trend.

Highlights of Drill Hole ESI10-03:

SAN IGNACIO, ESI10-03, -40, N49E, 416.9m

ZONE

From (m)

To (m)

Width (m)

Au (g/t)

Ag (g/t)

Melladito hanging wall

57.70

58.00

0.30

0.57

282

Melladito hanging wall

96.95

97.65

0.70

0.66

162

Melladito hanging wall

118.45

118.90

0.45

1.03

336

Melladito hanging wall

131.30

131.50

0.20

3.75

590

Melladito hanging wall

146.95

147.15

0.20

1.18

220

Melladito zone

148.30

149.90

1.60

1.03

33

149.90

151.35

1.45

1.83

128

151.35

152.60

1.25

3.39

539

composite

148.30

152.60

4.30

1.99

212

Intermediate

220.10

220.25

0.15

1.01

331

Intermediate

233.10

233.45

0.35

0.56

140

Intermediate

254.10

254.40

0.30

1.27

23

Nombre de Dios zone

268.45

269.35

0.90

3.77

823

269.35

270.60

1.25

4.76

1130

270.60

271.00

0.40

2.38

283

271.00

271.55

0.55

2.39

668

composite

268.45

271.55

3.10

3.75

850

Footwall vein

299.60

299.80

0.20

3.47

20

Footwall vein

306.45

306.85

0.40

3.20

251

Footwall vein

342.90

343.05

0.15

20.40

342

Footwall stockwork

412.35

413.45

1.10

0.99

357

413.45

414.60

1.15

1.74

216

414.60

415.40

0.80

1.42

341

415.40

416.20

0.80

4.04

2128

composite

412.35

416.20

3.85

1.94

680

Highlights of Drill Hole ESI10-04:

SAN IGNACIO, ESI10-04, -60, N55E, 570.0m

ZONE

From (m)

To (m)

Width (m)

Au (g/t)

Ag (g/t)

Melladito zone

218.10

219.00

0.90

0.53

303

219.00

220.75

1.75

0.2

76

220.75

221.90

1.15

0.61

77

221.90

223.10

1.20

1.81

345

223.10

223.90

0.80

1.21

606

composite

218.10

223.90

5.80

0.80

240

Melladito footwall

232.50

233.15

0.65

0.76

159

Nombre de Dios zone

399.00

399.90

0.90

7.8

2020

Footwall vein

474.10

474.40

0.30

4.67

2020

Footwall stockwork

484.35

485.70

1.35

0.18

178

485.70

486.80

1.10

0.1

1

486.80

487.60

0.80

6.57

2380

composite

484.35

487.60

3.25

1.73

660

Robert F. Brown, P. Eng. and Vice President of Exploration for the Company is the Qualified Person for the Guanajuato Mine, under the meaning of NI 43-101. A full QA/QC program is being followed including the regular insertion of splits, blanks, and standards into the core sampling sequence. Analysis of the drill core samples is being conducted at the Guanajuato Mine on-site laboratory, independently operated by SGS.

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, “forward-looking statements”). Such forward-looking statements may include but are not limited to the Company’s plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company’s operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2009 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

After the closing bell Wednesday Great Panther announced great news, again! We bought shares of Great Panther in September 2009 @ CA$0.84 using today’s close of CA$2.45 this means a 191.6% gain! Watch this stock on Thursday!

Great Panther News Release

GREAT PANTHER SILVER LIMITED (TSX: GPR) is pleased to report that Scott Wilson Roscoe Postle Associates (“Scott Wilson RPA”), of Vancouver, B.C., has completed a NI 43-101 compliant mineral resource/reserve estimate on the Cata Clavo, Los Pozos, and Santa Margarita zones at the Company’s wholly-owned Guanajuato Mine in Guanajuato, Mexico. The new Measured and Indicated mineral resource contains 5,450,000 ounces silver equivalent. Inferred mineral resources are estimated at 2,678,000 ounces silver equivalent (“Ag eq oz”). The Measured and Indicated mineral resources include 4,372,000 Ag eq oz categorized as Proven and Probable mineral reserves, using a cut-off grade of 185 g/t silver equivalent. This is the first time that NI 43-101 compliant reserves have been estimated for the Guanajuato Mine and is a positive step in confirming the long-term viability of this historic operation.

The new resource base represents a 53% increase over the previous resource estimate (for just the Cata Clavo; see news release June 30, 2009), even after deducting the production from that zone over the last year and a half. This demonstrates the Company’s ability to not only replace what is being mined, but to increase the resource base and extend the mine life with additional drilling. There were no compliant resources at Guanajuato when Great Panther purchased the property in 2005 and most of the more than 4,500,000 Ag eq oz that the Company has mined from Guanajuato since 2006 has come from non-compliant resources.

Mining of the three zones, Cata, Los Pozos, and Santa Margarita currently accounts for most of the Guanajuato metal production. Resource drilling is ongoing to delineate new resources and reserves on the upper and depth extensions of Los Pozos and the southeast strike extension of Santa Margarita but also includes Guanajuatito, Valenciana, San Telesforo, and the depth extensions of the Rayas Clavo, none of which are included in this resource estimation but which will be included in the 2011 update. In addition, drilling of the very promising San Ignacio project will continue through 2011 and will make a significant contribution to future resources for the Guanajuato Mine. As such, the resource base will continue to build at Guanajuato and it is the Company’s stated objective to delineate approximately 25-30 million Ag eq oz here by 2012.

For the year 2010, production from Guanajuato is estimated to be 1.02 million Ag oz and 6,720 Au oz (1.44 million Ag eq oz). The resource and reserve estimates, together with the significant potential of the ongoing drilling programs, positively support the achievement of the growth strategy objectives for Guanajuato.

Silver equivalent values were applied to computer generated block models in order to define the mineral resource. The mineral reserve cut-off value of 185g/t (6.0 oz/t) silver equivalent is the metal content contained in one tonne of ore for which the net revenue (net of smelter and refining costs) is equal to the average full operating costs to mine and process one tonne of ore. Scott Wilson RPA used medium term projected metal prices of US$17.67/oz Ag and US$1150/oz Au (relative price ratio of 65 gold to 1 silver), 2010 concentrate sales contract terms, and typical plant performance metal recoveries and concentrate grades to calculate the net value. Total operating costs at Guanajuato, including mining, milling, and general and administration costs, are currently US$85/tonne. Experience gained from mining the veins by the cut-and-fill mining method and the upward trend in metal prices, determined that the appropriate cut-off value for defining mineral resources at Guanajuato be set at 136g/t (4.3oz/t) silver equivalent. The use of a lower cut-off for resources reflects the less stringent guidelines for resources versus reserves.

Based upon these parameters, the Measured and Indicated mineral resource contains 5,450,000 Ag eq oz including 2,495,000 Ag eq oz in the Measured category and 2,956,000 Ag eq oz in the Indicated category. Inferred resources are estimated at 2,678,000 Ag eq oz. Of the Measured and Indicated mineral resource, 4,372,000 Ag eq oz is classified as Proven and Probable mineral reserve, using a cut-off of 185g/t silver equivalent. The Proven mineral reserve is estimated at 1,935,000 Ag eq oz, while the Probable mineral reserve is estimated at 2,438,000 Ag eq oz. Breakdowns for silver and gold can be found in the tables below.

The mineral resource estimate for Guanajuato was prepared using block models constrained by 3D wireframes of the principal mineralized zones. Separate block models, comprising arrays of 2.5 by 2.5 by 2.5 meter blocks, were constructed for each of the Cata, Los Pozos, and Santa Margarita zones. Grades for gold and silver were interpolated into the blocks using Inverse Distance Cubed (ID3) weighting. Block model graphics, maps, sections and previous news releases can be viewed on the Company’s website at www.greatpanther.com. The samples consisted of diamond drill and production chip samples. Scott Wilson RPA capped high gold and silver grades at a range of levels depending on the zone and the type of sample (drill hole or chip). The estimates were classified according to the CIM Definition Standards on Mineral Resources and Mineral Reserves, and as such, are consistent with the requirements of NI 43-101. The estimate was prepared using GEMS software (Gemcom), which is a commercially available package, commonly used in the industry.

The Cata Clavo is separated into four zones, namely, the Veta Madre, Alto 1, Alto 1a and Alto 2. The upper limit of the main Veta Madre zone is set at the floor of the 460 metre level as it has been extensively mined out above this level. Mining of the three higher grade Alto zones is underway using a modified mining plan. The mineralized zones used in the resource represent an approximate 100 metre vertical height and a strike length of approximately 150 metres. The Los Pozos zone is a downward tapering zone of 30-90 metres strike length and widths to 12 metres. The mineral resource estimate is from the 390 level up to the bottom of the 270 level sill pillar. The Santa Margarita is separated into four zones, namely the HW stockwork, Breccia, FW A, and FW B. The mineral resource estimate was calculated from below the floor of the 390 level to the 600 level along a strike length of more than 200 metres.

The Veta Madre (at Cata and Los Pozos areas) and the Cata Alto 1 zone are complex quartz dominated stockwork and breccia zones of pyrite and argentite mineralization with argillic and propylitic alteration in the footwall shale. Footwall to the Veta Madre is a barren silica breccia with large angular shale fragments. The Alto 1a, and Alto 2 zones are silica rich brecciated zones within a hanging-wall diorite dyke. The Santa Margarita zones in the Rayas area are silica rich brecciated hanging wall conglomerates, andesite and La Sirena quartz porphyry intrusive. All zones strike generally NW-SE and dip 45 degrees southwest.

Measured, Indicated and Inferred mineral resources in the three areas were estimated by Dave Rennie, P.Eng, a Principal Geologist for Scott Wilson RPA, and the Proven and Probable mineral reserves were estimated by R. Dennis Bergen, P. Eng, Associate Principal Mining Engineer for Scott Wilson RPA. Both are independent of Great Panther as per the criteria set out in NI43-101. The Mineral Reserves and Mineral Resources estimates are tabulated below:

October 31 2010 Proven Mineral Reserves

Tonnage

AU

AU

AG

AG

AgEq

Zone

Kt

g/t

oz

g/t

oz

oz

Cata – Madre

44.0

1.28

1,800

344

486,000

603,000

Cata – Alto 1

30.5

2.21

2,170

296

290,000

431,000

Pozos

65.4

1.29

2,720

309

650,000

827,000

Santa Margarita BX

7.3

4.47

1,050

21

5,000

73,000

Total Proven

147.0

1.64

7,740

303

1,431,000

1,935,000

October 31 2010 Probable Mineral Reserves

Zone

Tonnage

AU

AU

AG

AG

AgEq

Kt

g/t

oz

g/t

oz

oz

Cata – Madre

2.1

0.91

60

187

13,000

17,000

Cata – Alto 1

21.6

1.02

710

225

156,000

202,000

Cata – Alto 1a

21.6

2.49

1,730

605

420,000

533,000

Cata – Alto 2

12.3

2.33

920

721

285,000

345,000

Pozos

68.6

1.03

2,280

262

577,000

725,000

Santa Margarita BX

30.4

6.69

6,540

15

15,000

441,000

Santa Margarita FWSTK

16.6

4.80

2,560

19

10,000

177,000

Total Probable

173.2

2.66

14,790

265

1,475,000

2,438,000

Total Proven & Probable

320.2

2.19

22,530

282

2,906,000

4,372,000

October 31 2010 Proven & Probable Mineral Reserves

Zone

Tonnage

AU

AU

AG

AG

AgEq

Kt

g/t

oz

g/t

oz

oz

Cata – Madre

46.1

1.25

1,860

337

499,000

620,000

Cata – Alto 1

52.1

1.72

2,880

266

446,000

633,000

Cata – Alto 1a

21.6

2.49

1,730

605

420,000

533,000

Cata – Alto 2

12.3

2.33

920

721

285,000

345,000

Pozos

134.0

1.16

5,000

285

1,227,000

1,552,000

Santa Margarita BX

37.7

6.26

7,590

17

20,000

514,000

Santa Margarita FWSTK

16.6

4.80

2,560

19

10,000

177,000

Total Proven & Probable

320.2

2.19

22,530

282

2,906,000

4,372,000

Notes

CIM definitions were followed for Mineral Reserves.

Mineral Reserves are estimated at a cut-off grade of 185 g/t AgEQ.

Mineral Reserves are estimated using an average gold price of US$1150 per ounce and an average silver price of US$17.67 per ounce.

The minimum mining width is 1.5 metres.

Bulk density is 2.65 t/m3.

Numbers may not add due to rounding.

Au g/t

Ag g/t

Cata/Alto dilution

20%

0.30

80

Cata extraction

80%

Alto extraction

85%

Pozos dilution

15%

0.30

80

Pozos extraction

85%

Santa Margarita dilution

20%

1.00

10

Santa Margarita extraction

90%

October 31, 2010 Measured Mineral Resource

Zone

Volume

Density

Tonnage

Au

Au

Ag

Ag

Ag Eq

(K m3)

(t/m3)

(Kt)

(g/t)

(oz)

(g/t)

(oz)

(oz)

Cata

34.7

2.65

91.9

1.71

5,050

338

999,000

1,330,000

Los Pozos

32.7

2.65

86.7

1.27

3,540

303

844,000

1,070,000

Santa Margarita

3.47

2.65

9.20

4.43

1,310

22.0

6,520

92,000

Total

70.8

2.65

188

1.64

9,910

306

1,850,000

2,495,000

October 31, 2010 Indicated Mineral Resource

Zone

Volume

Density

Tonnage

Au

Au

Ag

Ag

Ag Eq

(K m3)

(t/m3)

(Kt)

(g/t)

(oz)

(g/t)

(oz)

(oz)

Cata

26.3

2.65

211

2.55

4,150

474

1,060,000

1,330,000

Los Pozos

34.7

2.65

91.8

0.98

2,900

252

743,000

932,000

Santa Margarita

18.8

2.65

49.8

6.42

10,300

18.9

30,300

701,000

Total

79.7

2.65

211

2.55

17,300

270

1,830,000

2,956,000

October 31, 2010 Measured and Indicated Mineral Resource

Zone

Volume

Density

Tonnage

Au

Au

Ag

Ag

Ag Eq

(K m3)

(t/m3)

(Kt)

(g/t)

(oz)

(g/t)

(oz)

(oz)

Cata

60.9

2.65

161

1.77

9,210

397

2,060,000

2,660,000

Los Pozos

67.4

2.65

178

1.12

6,440

277

1,590,000

2,010,000

Santa Margarita

22.2

2.65

59.0

6.11

11,600

19.4

36,800

792,000

Total

150.5

2.65

399

2.12

27,200

287

3,680,000

5,450,000

October 31, 2010 Inferred Mineral Resource

Zone

Volume

Density

Tonnage

Au

Au

Ag

Ag

Ag Eq

(K m3)

(t/m3)

(Kt)

(g/t)

(oz)

(g/t)

(oz)

(oz)

Cata

Los Pozos

2.53

2.65

6.70

0.53

113

149

32,200

40,000

Santa Margarita

77.6

2.65

206

4.52

29,900

105

694,000

2,640,000

Total

80.1

2.65

212

4.39

30,000

106

726,000

2,678,000

Both drill core and underground chip samples were assayed independently by SGS at the Company’s Guanajuato Mine site laboratory. Aspects relating to mining and metallurgy are overseen by Charles Brown, Chief Operating Officer for Great Panther and its Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V. Robert F. Brown, P. Eng and Vice President of Exploration for the Company, is the Qualified Person for the Guanajuato Mine Project, under the meaning of NI43-101, and has reviewed these results. The Company’s QA/QC program includes the regular insertion of blanks, duplicates, and standards into the sample shipments.

Great Panther owns a 100% interest in the Guanajuato Mine Complex. Historically, the Guanajuato Mine was one of the largest silver producers in Mexico and encompasses the core of the Guanajuato District, which has produced 1.2 billion ounces of silver and 4.5 million ounces gold.

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, “forward-looking statements”). Such forward-looking statements may include but are not limited to the Company’s plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company’s operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2009 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Great Panther has been in our portfolio since September 2009. We bought at CAD$0,84 yesterday GPR closed at CAD$2,00 this means a 138% gain.

News Release:

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to announce the appointment of Mr. Andrew Sharp as the new General Manager of the Company’s wholly-owned Guanajuato Mine in Central Mexico. Mr. Sharp has a Bachelor of Engineering degree from the Western Australian School of Mines and more than 23 years experience in the mining industry.

In his most recent position, he was Manager of Technical Services for Projects with Platapanamericana, S.A. de C.V., the Mexican subsidiary of Pan American Silver, where he was responsible for the management of the La Preciosa Ag-Au deposit in Durango. Throughout his five-year tenure with Pan American, Andrew also played a major role in the development of the Alamo Dorado Mine in Mexico as well as significant start-up roles in the Manantial Espejo Mine in Argentina and San Vicente Mine in Bolivia.

Prior to joining Pan American, Andrew worked in New Guinea, Ghana, Malaysia and Australia at well-known mines such as Ok Tedi, Boddington and Telfer. He has extensive experience in almost all aspects of mining, including planning, reserve estimation, feasibility studies and project/mine management, particularly in vein-type underground precious metal deposits. He was instrumental in the mine life extension of the Ok Tedi Mine and was an important part of the expansion of the La Colorada Mine. He has also managed the building of a narrow vein mine from the early stages of development through to production.

“We are extremely pleased to welcome Andrew to the Great Panther team”, stated Robert Archer, Great Panther’s President & CEO. “His broad and relevant experience in vein-hosted silver deposits and track record in improving production and site efficiencies while increasing mine life comes at an important time as the Company is completing the first year of its three-year growth strategy. With Andrew’s leadership, we are confident that we will achieve our goals of substantially increasing the production and mine life at Guanajuato. His mine-building experience will be particularly relevant in the development of Great Panther’s new discovery at the San Ignacio Property, on the outskirts of Guanajuato.”

The Guanajuato Mine is one of the most prolific and historic mines in Mexico with past production of more than one billion ounces of silver since the year 1600. It is Great Panther’s flagship operation and produced 1,019,751 ounces of silver and 6,748 ounces of gold (1,541,220 silver equivalent ounces) in 2009. The Company plans to announce an updated independent reserve/resource estimate for the Guanajuato Mine within the next few weeks and is in the process of increasing production at Guanajuato to an annual rate of approximately 2,700,000 silver equivalent ounces by 2012. Including the Topia Mine, for which an updated independent reserve/resource estimate is also imminent, Great Panther plans to produce 3,800,000 silver equivalent ounces by 2012.

The Company also announces that it has granted a total of 415,000 stock options to employees and a consultant, under its stock option plan. The options are exercisable at a price of $1.90 and expire five years from the date of grant.

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, “forward-looking statements”). Such forward-looking statements may include but are not limited to the Company’s plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company’s operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2009 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

Again great news from Great Panther, just look at the results of this drill. We bought Great Panther in September 2009 @ CAD$0,84 ; This press release came after-hours, GPR closed @ CAD$1,68 today meaning a 100% gain. GPR went down sharply the last two weeks, after setting a 52-week high of CAD$2,10 ; we expect it to bull back sharply when the gold price picks up again. Prices went down today after again lots of volatility. The slow downward correction can not continue much longer, and prices will keep running up en down like they have never before. Why is it that the price always goes down at the end of American trading hours? If you don’t know GATA yet, please hurry yourself to their website, and be prepared for some shocking information!

Great Panther Press Release:

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to announce that the second surface diamond drill hole at the San Ignacio Mine property, Guanajuato has intersected five zones of silver-gold mineralization below those of the previously reported veins in hole ESI10-01 (see news release of October 28, 2010).

Drill hole ESI10-02 was collared at the same site as ESI10-01 but at a steeper angle of -60° in order to test the down-dip continuity of the veins intersected in the first hole. In hole ESI10-02, the Melladito vein returned 10.45 metres grading 1.13g/t gold and 98g/t silver, including 7.70 metres grading 1.36g/t gold and 117g/t silver. This correlates well with the 11.45 metres of 1.18g/t gold and 131g/t silver intersected in hole ESI10-01. Similarly, the Nombre de Dios vein returned 7.70 metres grading 4.49g/t gold and 704g/t silver in hole ESI10-02, compared to 3.15 metres of 2.15g/t gold and 157g/t silver in the first hole. The Nombre de Dios intersection in the second hole is at a vertical depth of approximately 330 metres below surface and 145 metres below the intercept in hole ESI10-01, and demonstrates good continuity while also indicating the potential for grades to increase with depth. It is currently unclear as to how the surface sample of 2.3 metres of 3.27g/t gold and 77g/t silver, previously interpreted as the Nombre de Dios vein, correlates with the drill hole intercepts or if it represents a separate vein that has yet to be intersected in drilling.

A deeper footwall stockwork zone in ESI10-02 assayed 1.49g/t gold and 382g/t silver over 3.40 metres. A narrower zone of mineralization in the hangingwall of the Melladito Vein and an intermediate zone between the Melladito and Nombre de Dios veins correlate well between the drill holes and could be of greater significance along strike or down-dip. The most westerly vein system, the Plateros vein, which hosted the former San Ignacio Mine operation, will be drilled later in the program. A plan map showing the location of Great Panther’s San Ignacio drill holes, and an interpretative cross section, are posted on the Company web-site at www.greatpanther.com. Based upon the second hole, the veins are now interpreted to be steeply dipping.

“These are very significant results for the San Ignacio Mine property”, stated Robert Archer, Great Panther’s President & CEO. “The excellent continuity of the veins and the higher grades at depth will make it easier to define a new resource and develop a mine plan. With this early encouragement, we intend to fast-track the delineation and development of San Ignacio.”

The initial 2,000 metre core drilling program at San Ignacio will comprise four sections across the three main structures. A substantial program of additional drilling for 2011 is already being prepared and applications for additional drill sites are being filed with the appropriate authorities. Power is being restored to the original San Ignacio Mine area and the shaft and old workings will be pumped out and rehabilitated while further exploration progresses. Underground mapping and drilling will augment the surface work and, once sufficient geological data has been assembled to facilitate a mine plan, development will commence in preparation for mine production.

Highlights of Drill Hole ESI10-02

Zone

Hole ID

FROM m

TO m

Width m

Au g/t

Ag g/t

Melladito hanging wall

ESI10-02

189.25

190.20

0.95

1.39

141

Melladito

ESI10-02

202.45

212.90

10.45

1.13

98

includes

203.60

211.30

7.70

1.36

117

Intermediate

ESI10-02

248.90

250.25

1.35

2.52

74

Nombre de Dios

ESI10-02

379.75

387.45

7.70

4.49

704

Footwall stockwork

ESI10-02

402.70

406.10

3.40

1.49

382

The San Ignacio Mine property covers approximately 4 kilometres of strike length on the La Luz vein system, which is parallel to, and 5 kilometres west of, the principal Veta Madre structure that hosts the main Guanajuato mines (see map on website at http://www.greatpanther.com/i/pdf/SanIgnacio-LocationMap-Sep10.pdf). The La Luz district marks the site of the first discovery of silver in the area, in the year 1548, which led to the discovery of the Veta Madre silver-gold deposits in 1550. It comprises a swarm of generally north-northwest striking, west dipping quartz veins and breccias with associated low sulphidation silver-gold mineralization, along an approximate 8 kilometre long trend.

Robert F. Brown, P. Eng. and Vice President of Exploration for the Company is the Qualified Person for the Guanajuato Mine, under the meaning of NI 43-101. A full QA/QC program is being followed including the regular insertion of splits, blanks, and standards into the core sampling sequence. Analysis of the drill core samples is being conducted at the Guanajuato Mine on-site laboratory, independently operated by SGS.

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, “forward-looking statements”). Such forward-looking statements may include but are not limited to the Company’s plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company’s operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2009 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

GREAT PANTHER SILVER LIMITED (TSX: GPR; the “Company”) is pleased to announce the commencement of a surface drilling program at the San Ignacio Mine property, Guanajuato. The property is located approximately 5 kilometres west-northwest of the City of Guanajuato, where Great Panther operates its flagship Guanajuato Silver-Gold Mine. The property was part of the package purchased by Great Panther in 2005 but, due to the Company’s focus on the main mine complex, it has not conducted any work at San Ignacio until this year. The past-producing San Ignacio Mine was put on care-and-maintenance by the previous owners in 2001 due to low metal prices but the infrastructure is still intact.

The San Ignacio Mine property covers part of the La Luz vein district, which is parallel to, and west of, the principal Veta Madre structure that hosts the main Guanajuato mines (see map on website at http://www.greatpanther.com/i/pdf/SanIgnacio-LocationMap-Sep10.pdf). The La Luz district marks the site of the first discovery of silver in the area, in the year 1548, which led to the discovery of the Veta Madre silver-gold deposits in 1550. It comprises a swarm of generally north-northwest striking, west dipping quartz veins and breccias with associated low sulphidation silver-gold mineralization, along an approximate 8 kilometre long trend.

Great Panther’s San Ignacio Mine property covers approximately 4 kilometres of strike length on the La Luz vein system and is contiguous with Endeavour Silver’s Bolanitos Mine property that is currently in production. The San Ignacio Mine exploited only about 500 metres of strike length along one of the three known structures on the property and there is no record of any previous exploration elsewhere on the claim block. Production records from 1977 to 2001 indicate that a total of 617,455 tonnes at a grade of 113g/t Ag and 1.01g/t Au were extracted from this small portion of the property at an average rate of approximately 85 tonnes per day. This is similar to the grade that was mined at Guanajuato prior to Great Panther’s purchase of the mines in 2005 but the Company has more than doubled this grade since then with increased grade control and improved mining methods. As there is no processing facility at San Ignacio, ore was trucked back to the Cata Plant in the main mine complex in Guanajuato, approximately 20 kilometres by road.

A program of geological mapping and rock sampling completed in 2010 by Great Panther indicates that the three known structures on the San Ignacio property are up to 4 kilometres long and contain irregular silica breccia “veins” hosting gold and silver mineralization. The initial interpretation is that the surface at San Ignacio, at an elevation of approximately 2,300 metres above sea level (“masl”), is generally above the upper limits of the epithermal gold-silver systems found in the area. Mineralization at Great Panther’s main mine complex on the Veta Madre structure extends from a surface elevation of approximately 2,200 masl in the Valenciana area to a depth of 1,500 masl in the recent deep drilling in the Rayas area (see news release September 7, 2010).

The initial 2,000 metre core drilling program at San Ignacio will complete a section across the three main structures and test them from 100 to 200 metres below surface. The drilling will be completed in an area where sampling on the Plateros Vein returned 1.3g/t gold and 124g/t silver over a 1.3 metre width, sampling on the Melladito Vein returned 0.48g/t gold and 106g/t silver over a 1.0 metre width, and sampling on the Nombre de Dios Vein returned 1.83g/t gold and 164g/t silver over a 1.8 metre width.

Robert F. Brown, P. Eng. and Vice President of Exploration for the Company is the Qualified Person for the Guanajuato Mine, under the meaning of NI 43-101. A full QA/QC program will be followed including the regular insertion of splits, blanks, and standards into the core sampling sequence. Analysis of the drill core samples will be conducted at the Guanajuato Mine on-site laboratory, independently operated by SGS.